A former member of the House of Representatives, Lanre Laoshe, has made headlines for repaying a student loan he received from 1976 to 1979.
The repayment, made to the Nigerian Education Loan Fund (NELFund), marks the closure of a debt that initially stood at N1,200 but has now been repaid with interest, amounting to N3.18 million.
In a statement released by Nasir Ayitogo from the communications department, Laoshe, who was a beneficiary of the now-defunct Federal Government Student Loan Scheme, expressed his deep gratitude for the financial support he received during his educational journey.
“The Nigerian Education Loan Fund (NELFUND) is pleased to announce that Hon. Lanre Laoshe, a former beneficiary of the Federal Government Student Loan Scheme, has graciously repaid his N1,200 student loan, received between 1976 and 1979, with the sum of N3,189,217.00,” the statement read.
Laoshe, a distinguished former Deputy Whip of the House of Representatives, acknowledged the crucial role the loan played in his education.
He explained the meticulous process he underwent to determine the current equivalent of the loan.
According to him, he used a table of average annual exchange rates from 1972 to 1985, sourced from the Central Bank of Nigeria (CBN).
“In 1979, the exchange rate was $1.00 = N0.596, meaning that the sum of N1,200.00 was equivalent to $2,013.42 at the time,” the statement noted.
“Using the current exchange rate of $1.00 = N1,583.98, Hon. Laoshe calculated that the equivalent amount today would be N3,189,217.00.”
To complete the repayment, Laoshe issued a Polaris Bank Plc bank draft for the sum of N3.18 million to NELFUND, describing the gesture as a token of gratitude to the Federal Government for the support it provided him during his academic pursuit.
This act of goodwill and integrity by Hon. Laoshe has been hailed as an inspiring example of the positive impact government support can have on individuals.
NELFUND, in its statement, expressed deep appreciation for Laoshe’s gesture, emphasizing the importance of honoring one’s commitments.
“NELFUND remains committed to supporting the educational aspirations of Nigerian students through its various programs,” the statement concluded.
